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5 things to consider when divorcing and upside down on your home loans
Many of our clients here at Reid Real Estate Group are in the process of a divorce or have already divorced but still own property together. Often the family home needs to be sold during this difficult and emotional time, which becomes even more complicated when the home is worth less than what is owed on it.
5 things to consider when divorcing and upside down in your home loans:  
A quitclaim deed will transfer the ownership interest but does nothing to affect the responsibility for the mortgage: This is by far the most misunderstood concept in the divorces I see. Even if one party quitclaims their interest to the other, if both were on the loan, both will remain on the loan! Any future defaults will affect both parties, and if a short sale comes into play both will need to cooperate.
When upside down in the home, the best time to address this is now: It is certainly an emotional time and it is inconvenient to deal with short sale in the middle of a divorce. However once one party has moved out and time has passed, it is much more difficult to coordinate a short sale as both parties must be involved. Generally the party having moved on is much less vested in the ... more

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